million for fiscal 1992 -- up 20.4 percent on the previous year.

Revenues for the 12 months to December 31, 1992, came to $91.4 million for the year, up 67 percent ($36.6 million) on 1991.

Expenses went up by 78.4 percent ($30.6 million) to $69.6 million for the year.

Income tax payments accounted for another $6.3 million, an increase of 18.9 percent ($1 million).

Per share operating income was $1.76 for the year, compared with $1.37 in 1991.

Of the revenues, earned premiums brought in the largest share, accounting for 55 percent ($50.4 million), while risk management fees earned the company $31.8 million, up 35 percent on 1991.

Losses and loss expenses accounted for 61 percent ($42.6 million) of total expenses.

Operating expenses came to $18 million, up 37 percent on the previous year, which the company attributed to its "high rate of growth'' and its status as a public company. MRM is listed on the New York Stock Exchange.

Legion Insurance Company, MRM's policy-issuing subsidiary, added nine new programmes during the fourth quarter of 1992, for a total of 112 programmes at the end of the year, compared with 79 in 1991 and 56 in 1990.

Legion's renewal rate increased to 80 percent for 1992, from 77 percent in 1991.

Gross premiums written by Legion amounted to $196.7 million for the year, up 12 percent, despite the extensive use of deductible policies by clients, which limited the growth of gross premiums during the year without affecting the growth of fee income.

MRM's preferred share dividends came to $122,000, compared with $204,000 the year before.

Total assets as at December 31, 1992, were $499 million, up 23.2 percent ($94 million).

Shareholders' equity was up 54.9 percent ($34 million) to $96 million. Book value per share was $12.34, compared with $8.85 at the same time the previous year.

In a joint statement, chairman and CEO Mr. Robert A. Mulderig and president Mr. John Kessock, Jr. said the annual results stemmed from "growing demand for the company's services from participants in the `Alternative Market', especially for workers' compensation business in the United States''.

They said that the latest period marked the 32nd consecutive quarter of profitable operations for MRM.

MRM'S 1992 RESULTS PROFIT $15.4 M REVENUES $91.4 M EXPENSES (after tax) $75.9 M ASSETS $499M SHAREHOLDERS' EQUITY $96 M BOOK VALUE PER SHARE $12.34.